Lots of factors...
1st...... FENCES ????? Condition, type, what livestock are you wanting to put in there???? Adult cattle, calves, weaned, WHAT?????
2nd..... WATER ??????
3rd..... what type of grass?????
4th.... how long a lease???? Grazing season, by the year, by the head, by the acre, or by the pasture as a whole?????
5th.....what are the agreements on the fence upkeep, replacement, water faucets & lines upkeep......maintaining the pasture... bush hogging.... weed control.....
In this area, most places lease by the place, with someone telling you that it is xx number of acres.....about in the $20-30 per acre average... year round lease. Have one place we pay 1,000/yr... keep up the fences but replacement is on the owner to buy materials, we do the labor. Fences are good so not a problem but we have replaced about 1/3 of the old fences.....
One place we rent for the taxes... and we sign papers for all the places we rent for the owners to get land use taxes so they save a bundle....
Every place is different....